Mining News
Peninsula raises A$60M to fund uranium production restart at Lance, shares down
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(Kitco News) - Uranium developer Peninsula Energy (ASX: PEN) (OTCQB: PENMF) today announced A$60 million equity raise to fund restart of uranium production at its Lance project in Wyoming.
The company said it received binding commitments to raise A$50 million (before costs) via a placement to global institutional and sophisticated investors at $0.075 per share, adding that the company is also undertaking a security purchase plan for all eligible shareholders to raise up to an additional A$10 million.
According to Peninsula, proceeds from the placement will allow the company to progress pre-production construction works at Lance to achieve production restart in late 2024.
“Lance is the largest near-term uranium project in the US. With production at Lance scheduled to re-commence in late 2024, Peninsula is well-positioned to become a long-term, independent uranium producer,” the company said in a news release.
“The critical role of uranium and nuclear energy continues to gain rapid momentum across the globe, due to the significant benefits as a 24/7, clean energy source. Lance will come online at an opportune time and be well-positioned to deliver into a growing, supply constrained market,” it added.
The company's shares were trading down 31.67% at the close of the ASX market.
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